My 5 Year Plan.

Hi everyone.  I'm going to join In and try and pay off my mortgage in 5 years.   I Started making overpayments of £200 Each month earlier in the year and so far have managed to stick to it but now I want to up my game.  

Mortgage is £42,103 for 27 years, 3 months. 
Interest fixed at 3.19% until Oct 2023. 
Monthly payments £198.38 
If I continue to overpay by £200 each month the term reduces to just over 10 years.

 Being mortgage free in 5 years is a big ask because I have no idea where the extra money is going to come from. 😂

I have just now paid off the £102.33 to bring it down to a nice round figure of £42,000.

Here I go........



  • longway2go
    longway2go Posts: 1,006 Forumite
    First Post Name Dropper First Anniversary
    A lovely figure to start off with. Just wanted to wish you luck. When I started I thought the ops would just come from income but reading diaries has inspired me to trt other things like survey sites and market research. I aim for a min of 45 from that side hussles so definitely doable. 
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • helensbiggestfan
    helensbiggestfan Posts: 2,025 Forumite
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    edited 12 July 2020 at 3:23PM
    Thanks.  I thought I might try selling Some of my unwanted treasures to start with.  😂. Just noticed your signature.  Great progress.   👍
  • Hazelnutty
    Hazelnutty Posts: 721 Forumite
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    Welcome! It's a really supportive forum and we cheer each other on, whatever OPs we can manage :smile: My OPs are small atm as I'm about to have my new place renovated so apart from a small OP from salary and Tilly Tidies, everything else is being thrown at the build. Once that's done, I should be able to really focus on OPing from a range of sources as currently I'm due to pay it off in my mid-60s!
    Choose kind:)
  • haras_n0sirrah
    haras_n0sirrah Posts: 1,339 Forumite
    First Post Name Dropper
    I also have a 5 year target and have just posted my start although I am starting 100k higher than you *gulp*
    Best of luck 
  • financialfreedomxo
    You've been doing well so far with paying £200. I'm sure you'll keep it up and reach your goal. 
    Mortgage Repayment Tracker: 21/03/2021: £85,995.00

    10% MOP 2021: £1098.57/£8599.50

    1% MF Challenge 2021: £65.01/£849.50

     My MFW thread:

    He who dares wins! ~ Winston Churchill 


  • jenni_fer
    jenni_fer Posts: 529 Forumite
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    Welcome and good luck!
  • helensbiggestfan
    Hi everyone.  Thanks for the welcome.  

    I have been playing with the mortgage overpayment's so addictive. 😂.  

    Problem is I am on a fixed rate until October 2023 and can only overpay by 10% of the capital sum each year.  I estimate that means for the next year I can only overpay by about £4200.  I won't manage that by this October unless I withdraw some savings and I'm can't really do that because I still have some renovations to pay for. But from October onwards I could perhaps increase my overpayments to £340 a month. 

    That would mean £140 over and above my normal £200 a month that I'm currently paying.  Just need to fathom out how to find that bit extra. 😂.  

  • helensbiggestfan
    Sorry if I'm being a bit thick.....but are "Tilly Tidies" the dribs and drabs that lurk around, the odd few pounds here and there that can be rounded up.  I was thinking I would set up a special savings account to sweep up the dregs each week And then transfer them once a month to add to my normal overpayment.   
  • helensbiggestfan
    helensbiggestfan Posts: 2,025 Forumite
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    edited 18 July 2020 at 6:50PM
    New Overpayments now gone  tHrough and I've cracked the £42k barrier.  Mortgage today is at £41,834.44. 

    Wahoo.  Now need to get to £41k ASAP.  🤔
  • LeighofMar
    LeighofMar Posts: 672 Forumite
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    Congrats on breaking into the 41k bracket. 
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance  - $4600.00
    Business Savings $43,310/100k
    Hope to be mortgage-free by end of 2023 
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